Facebook buys Jio 9.99% of Share to promote Whats App in eCommerce
Facebook has acquired 9.99% of the Indian operator Jio Platforms, becoming the main minority shareholder of the Asian company for 5.7 billion dollars (5.252 million euros).
The Indian telecom Jio Platforms is owned by the conglomerate Reliance Industries Limited and with this acquisition a valuation of 65.950 million dollars (60.717 million euros) is set for the whole of Jio Platforms.
The company led by Mark Zuckerberg has explained that this acquisition has as one of the great key points the creation of new ways of operating in the digital economy, betting on an alliance with Jio Mart and Whats App, to allow the public to make purchases.
“This investment underscores our commitment to India and our enthusiasm for the transformation that Jio has brought about in the country,” Facebook explained. “In less than four years, Jio has connected more than 338 million people, driving the creation of new innovative companies and connecting people in new ways,” said the social network.
India is currently the largest market for the Facebook Group, with some 400 million users. For this reason, the social network wants “to provide new opportunities to companies of all sizes, and in particular, to the 60 million small companies in India.”
“The synergy between Jio and Facebook will help to realize Prime Minister Narendra Modi’s goal of a ‘Digital India’,” said Mukesh Ambani, President and CEO of Reliance Industries. “In the post-coronavirus era, I am confident of India’s economic recovery and resurgence in the shortest period of time possible. This collaboration will surely make an important contribution to that transformation,” said billionaire Ambani.
